May 18, 2023
Silver X Mining Publishes Inaugural Sustainability Report
Vancouver, BC, May 18, 2023 – Silver X Mining Corp. (TSX-V: AGX) (OTCQB: AGXPF) (F: AGX) (“Silver X” or the “Company”) is pleased to announce the publishing of its inaugural Sustainability Report for the year ended December 31, 2022 (the “Sustainability Report”), highlighting the Company’s approach and commitment to sustainable development through mining.
“At Silver X, sustainability is truly at the heart of how we operate our projects and within our communities,” stated José M. García, President and CEO of Silver X. “As a small organization, taking the right actions at every step of our growth is key, ensuring that we not only prioritize economic benefit but also consider our environmental and social influence. Commitment to collaboration has been the cornerstone of our success so far and it will continue to be even more important as we expand. As you will see in the pages of the report, we take this responsibility very seriously. We aim to create a positive legacy from our activities for stakeholders now and well into the future.”
2022 Sustainability Performance Highlights
- Established a sustainable development agenda in alignment with the United Nations Sustainable Development Goals.
- Achieved 100% compliance with environmental requirements applicable to the Company and performed in compliance with the International Council of Mining & Metals Conservation of Biodiversity Principle.
- Recirculated 99% of the water used in the Company’s underground operations and 72% used in processing activities and achieved its goal of zero incidents related to water quality during the year.
- Established an Occupational Health and Safety Management Program based on ISO 45 001: 2018 and implemented 146 health and safety training sessions for employees.
- Improved professionalization of the local community by committing to hiring locally, resulting in 55% of our non-professional workforce coming from the Huachocolpa community.
- Contributed $2.7 million to the local economy through the purchase of goods and services from local suppliers.
- Established the Huachocolpa Foundation, an entity with the purpose of overseeing and implementing a number of programs focused on sustainable development for the surrounding community.
The 2022 Sustainability Report can be found on the Company’s website at
https://www.silverxmining.com/sustainable-development.
About Silver X
Silver X is a growing silver producer building a multi-asset precious metals platform in Peru. The Company’s portfolio includes the Nueva Recuperada Project, a district-scale land package of 20,795 hectares with three mining units and more than 200 exploration targets, as well as the recently acquired Pampas Project.
With existing production, scalable expansion opportunities, and significant exploration upside, Silver X is positioned for continued growth and long-term value creation. For more information visit our website at www.silverxmining.com.
On Behalf of the Board
José M. García
CEO and Director
For further information, please contact:
Susan Xu
Investor Relations
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Production without Mineral Reserves
The decision to commence production at the Nueva Recuperada Project and the Company’s ongoing mining operations as referenced herein (the “Production Decision and Operations”) are based on economic models prepared by the Company in conjunction with management’s knowledge of the property and the existing estimate of mineral resources on the property. The Production Decision and Operations are not based on a pre-feasibility study or a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, there is increased uncertainty and economic and technical risks of failure associated with the Production Decision and Operations, in particular: the risk that mineral grades will be lower than expected; the risk that additional construction or ongoing mining operations are more difficult or more expensive than expected; and production and economic variables may vary considerably.
Cautionary Statement Regarding “Forward-Looking” Information
This press release contains forward looking information within the meaning of applicable Canadian securities legislation (“forward looking information”). Forward looking information is generally identified by words such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “targets”, “believes”, or similar expressions, including statements that certain events or results “may”, “could”, “would” or “will” occur. All statements other than historical facts constitute forward looking information, including, without limitation, statements regarding the filing of a technical report, an updated PEA, the evaluation of processing capacity beyond 3,000 tpd, the production profile contemplated in the 2025 PEA including average and peak annual production, the suitability of bulk underground mining methods and their expected costs, mine life, the achievement of a 1,000 tpd run rate, the timing of permits including the ESIA update to 1,500 tpd, future drilling and the conversion of Inferred resources, financing discussions, and the Company’s growth plans.
Forward looking information is based on a number of assumptions, including that general economic and business conditions will not materially worsen; commodity demand and prices will remain stable or improve; required permits and approvals will be obtained on a timely basis; operations will not be materially disrupted by accidents, labour issues or equipment failures; financing will be available; equipment and supplies will be accessible as needed; resource estimates and underlying assumptions (including size, grade and recovery) are reasonable; and the Company will be able to attract and retain qualified personnel and execute its strategic objectives.
Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward looking information, including but not limited to those risks described in the Company’s annual and interim MD&As and in its public documents filed on www.sedarplus.ca from time to time. Readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward looking information, except in accordance with applicable securities laws.
